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Civista Bancshares Inc (CIVB)
NASDAQ:CIVB
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Civista Bancshares
(NASDAQ:CIVB)
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Rating:60Neutral
Price Target:
$24.00
▼(-2.28% Downside)
The score is primarily held back by weaker financial performance trends (notably the steep revenue growth decline and cash-flow conversion issues) despite strong profitability and a stable balance sheet. Valuation is a key support (low P/E and solid dividend yield), while technicals and the earnings update point to steady, moderately positive momentum but not a strong breakout profile.
Positive Factors
Merger with Farmers Savings Bank
The merger expands Civista's footprint in Ohio, enhancing commercial lending capabilities and community banking relationships, supporting long-term growth.
Strong Profitability
Strong profitability indicates effective cost management and operational efficiency, which can sustain financial health and competitive positioning.
Capital Raising
The capital raise enhances financial flexibility, supporting organic growth and reducing funding costs, which is crucial for long-term expansion.
Negative Factors
Revenue Decline
A sharp decline in revenue growth poses challenges to maintaining revenue streams, which could impact long-term financial sustainability.
Loan Decline
Declining loan balances may hinder interest income growth, affecting the company's primary revenue source and long-term financial performance.
Unrealized Losses in Securities
Significant unrealized losses in securities can impact the balance sheet and financial stability, posing risks to long-term asset management.
Civista Bancshares (CIVB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$475.48M
Dividend Yield2.96%
Average Volume (3M)106.13K
Price to Earnings (P/E)9.3
Beta (1Y)0.72
Revenue Growth3.49%
EPS Growth33.86%
CountryUS
Employees520
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.75
Shares Outstanding19,312,880
10 Day Avg. Volume178,429
30 Day Avg. Volume106,125
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)0.83
Price to Sales (P/S)1.34
P/FCF Ratio7.36
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue2.76
Enterprise Value/Gross Profit4.28
Enterprise Value/Ebitda13.05
Forecast
1Y Price Target
$27.33Price Target Upside11.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Civista Bancshares Business Overview & Revenue Model
Company DescriptionCivista Bancshares, Inc. operates as the financial holding company for Civista Bank that provides community banking services. It collects a range of customer deposits; and offers commercial and agriculture, commercial and residential real estate, farm real estate, real estate construction, consumer, and other loans, as well as letters of credit. The company also purchases securities; and provides trust and third-party insurance services. It operates approximately 42 locations in Northern, Central, Southwestern, and Northwestern Ohio, as well as Southeastern Indiana and Northern Kentucky. The company was formerly known as First Citizens Banc Corp and changed its name to Civista Bancshares, Inc. in May 2015. Civista Bancshares, Inc. was founded in 1884 and is headquartered in Sandusky, Ohio.
How the Company Makes MoneyCivista Bancshares generates revenue primarily through interest income from loans and investments, as well as non-interest income from various fees and service charges. The company earns interest income by lending money to customers in the form of personal loans, mortgages, and business loans, with the interest on these loans representing a significant portion of its revenue. Additionally, Civista Bank collects fees for account maintenance, transaction services, and financial advisory services, contributing to its non-interest income. Partnerships with other financial institutions and service providers enhance its product offerings and customer reach, further supporting its revenue generation. Overall, the combination of interest income from lending activities and non-interest income from service fees forms the backbone of Civista Bancshares' financial performance.
Civista Bancshares Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call highlights strong core operating performance: significant year-over-year earnings and EPS growth, NIM expansion, meaningful organic loan growth, strengthened capital ratios, improved efficiency, and strategic progress on acquisition, digital and leasing initiatives. Key negatives are largely one-time or transitional: acquisition-related nonrecurring charges, a year-long decline in lease-related noninterest income, a modest uptick in nonperforming/past-due loans driven by an isolated participation, and near-term elevated expenses for integration and investments. Overall, the positives — recurring revenue and margin expansion, deposit funding improvements, capital accretion, and expense discipline — substantially outweigh the transitory lowlights.Q4-2025 Updates
Positive Updates
Strong Full-Year and Quarterly Earnings Growth
Reported full-year 2025 net income of $46.2 million ($2.64 per diluted share) versus $31.7 million ($2.01) in 2024 — a 46% increase year-over-year; Q4 net income of $12.3 million ($0.61 per diluted share), a $2.4 million or 24% increase versus Q4 2024.
Net Interest Income and Margin Expansion
Net interest income for Q4 was $36.5 million, up $1.9 million (5.5%) versus the linked quarter and up $5.1 million (6%) versus prior-year Q4. Net interest margin expanded 11 basis points to 3.69% due to funding cost declines outpacing earning asset yield declines.
Acquisition Adds Low-Cost Funding and Loans
Closed acquisition of Farmers Savings Bank, adding $106 million in loans and $236.1 million in low-cost deposits; management expects minimal additional transaction expenses going forward and a system conversion planned for early February.
Organic Loan Growth and Strong Pipeline
Excluding acquired loans, organic net loan growth in Q4 of $68.7 million, an annualized 8.7% rate. Management anticipates mid-single-digit organic loan growth for 2026 supported by a strong pipeline and $162 million of undrawn construction lines at year-end.
Improved Deposit Mix and Lower Funding Costs
Nonbroker (core) deposits grew organically by nearly $30 million during the quarter (excluding Farmers), brokered funding reduced for fourth consecutive quarter, and overall cost of funding declined 19 basis points to 2.08%; cost of deposits fell 4 basis points to 1.59%.
Capital and Balance Sheet Strength
Tier 1 leverage ratio at 11.32%, tangible common equity rose from 6.43% a year ago to 9.54% at 12/31/2025 (also up from 9.21% at 9/30/25), and CRE-to-risk-based-capital ratio reduced from 366% to 275% over the year — providing capacity for organic and inorganic growth.
Expense Discipline and Efficiency Improvement
After adjusting for nonrecurring items, noninterest expense for the quarter was $27.6 million and year-to-date noninterest expense decreased $2.4 million (2.1%) versus prior year driven by a $3.1 million decline in compensation and $1.4 million decline in equipment expense. Efficiency ratio improved to 57.7% (from 61.4% linked quarter and 68.3% prior-year Q4).
Progress on Strategic Initiatives
Rolled out a new digital deposit account opening platform (expanded in Q4 to checking and money market), launched deposit product redesign, migrated to a new leasing system, and completed a successful capital offering — all cited as drivers of improved earnings and franchise value.
Improved Securities Mark-to-Market
Securities portfolio had $45 million of unrealized losses at 12/31/2025, a decline of $6 million from the linked quarter and $17 million from 12/31/2024, indicating improving mark-to-market positions.
Negative Updates
Acquisition-Related Nonrecurring Charges
Nonrecurring expenses related to the Farmers Savings Bank acquisition negatively impacted Q4 net income by $3.4 million pretax ($2.9 million after-tax), reducing EPS by approximately $0.14; additional modest integration costs expected in Q1.
Year-Over-Year Decline in Noninterest Income (Lease-Related)
Full-year noninterest income decreased $3.8 million (10%) versus 2024, primarily due to lower lease revenue and residual income and a $1 million nonrecurring adjustment tied to the leasing system conversion; leasing revenue described as less predictable and lumpy.
Increase in Nonperforming and Past-Due Loans (Spot Issue)
Nonperforming loans increased $8.5 million to $31.3 million; past-due loans rose $7 million during the quarter. Total nonperforming loans to total loans were 0.95% (up slightly QoQ but down from 1.06% a year ago).
Provision and Allowance Sensitivities
Quarterly provision was $585,000; allowance for credit losses to total loans remained stable at 1.28% but management will monitor asset quality given recent uptick in problem credits and the single $8M participation that caused much of the NPL movement.
Near-Term Expense Pressure from Integration and Investments
First-quarter run-rate expected to be elevated (~$29.0–$29.5 million) due to Farmers core costs and conversion timing; second-quarter savings may be offset by annual merit increases and continued investments in technology and personnel.
Early-Stage Digital Deposit Channel and Uncertain Upside
Digital deposit platform is in infancy — initial traction (e.g., 28 online checking accounts in one month) promising but balances and yield profile small/uncertain; management cannot yet quantify significant incremental loan funding from digital channel.
Securities Unrealized Losses Remain Present
Although improved, the securities portfolio still carried $45 million of unrealized losses at year-end, which represents a potential mark risk if interest rates change.
Company Guidance
Management guided to mid‑single‑digit organic loan growth in 2026 (leveraging Farmers’ excess deposits and a $162M undrawn construction pipeline), modest NIM expansion from the current 3.69% (about +2–3 bps in Q1 and another +3–4 bps thereafter under their assumed Fed cuts in June and Q4; a flat rate path would leave margins a bit higher), and a Q1 expense run‑rate roughly $29–29.5M (with merit increases in Q2 and ongoing technology/personnel investments); they expect to keep loan‑to‑deposit between 90–95%, continue reducing brokered funding (organic non‑broker deposits rose ~$30M in Q4 while brokered deposits fell nearly $30M), maintain strong capital (tier 1 leverage 11.32%, tangible common equity 9.54%) while retaining a $13.5M repurchase authorization/10b5 plan and a $0.18 quarterly dividend (annualized yield ~3.2%, payout ~30%), and plan around funding metrics of cost of funds 2.08% and cost of deposits 1.59%; other metrics informing guidance include securities of $685M (15.8% of assets), NPLs 0.95%, ACL/loans 1.28%, ACL/NPLs 135%, and an expected effective tax rate in the mid‑to‑high teens (~16.5–16.9%).Civista Bancshares Financial Statement Overview
Summary
Strong profitability and operating margins (net margin 71.19% TTM; EBIT/EBITDA margins ~84%) and a stable balance sheet (debt-to-equity 0.69; ROE 10.38%) are positives. However, the sharp revenue growth decline (-75.10% TTM) and weaker operating cash-flow conversion temper the overall financial quality.Income Statement
Civista Bancshares' income statement shows a significant decline in revenue growth rate at -75.10% TTM, indicating potential challenges in maintaining revenue streams. However, the company maintains strong profitability with a high net profit margin of 71.19% TTM, suggesting efficient cost management. The EBIT and EBITDA margins are also robust at 84.23% and 84.77% TTM, respectively, reflecting strong operational efficiency.45
Neutral
Balance Sheet
The balance sheet reveals a moderate debt-to-equity ratio of 0.69 TTM, indicating a balanced approach to leveraging. The return on equity is healthy at 10.38% TTM, showing effective utilization of shareholder funds. The equity ratio stands at 12.13% TTM, suggesting a stable capital structure with adequate equity backing.60
Neutral
Cash Flow
Cash flow analysis shows a positive free cash flow growth rate of 14.32% TTM, indicating improved cash generation capabilities. The free cash flow to net income ratio is strong at 0.91 TTM, reflecting efficient conversion of earnings into cash. However, the operating cash flow to net income ratio is low, suggesting potential challenges in cash flow management.50
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 248.57M | 241.90M | 217.48M | 152.98M | 134.19M | 126.18M |
| Gross Profit | 160.09M | 146.55M | 155.80M | 135.28M | 123.73M | 105.93M |
| EBITDA | 52.53M | 47.60M | 62.95M | 52.79M | 51.25M | 40.30M |
| Net Income | 43.84M | 31.68M | 42.96M | 39.43M | 40.55M | 32.19M |
Balance Sheet | ||||||
| Total Assets | 4.11B | 4.10B | 3.86B | 3.64B | 3.01B | 2.77B |
| Cash, Cash Equivalents and Short-Term Investments | 360.52M | 329.94M | 679.90M | 660.24M | 815.06M | 491.69M |
| Total Debt | 341.88M | 450.88M | 454.19M | 643.35M | 204.23M | 183.34M |
| Total Liabilities | 3.61B | 3.71B | 3.49B | 3.30B | 2.66B | 2.42B |
| Stockholders Equity | 499.03M | 388.50M | 372.00M | 334.83M | 355.21M | 350.11M |
Cash Flow | ||||||
| Free Cash Flow | 51.25M | 44.06M | 59.27M | 18.68M | 38.83M | 30.68M |
| Operating Cash Flow | 56.28M | 48.25M | 62.70M | 25.18M | 40.76M | 32.65M |
| Investing Cash Flow | -82.18M | -258.80M | -311.78M | -410.36M | -130.50M | -340.98M |
| Financing Cash Flow | 14.00M | 213.30M | 266.13M | 164.30M | 216.93M | 398.80M |
Civista Bancshares Technical Analysis
Positive
24.56
Price Trends
23.18
Positive
22.08
Positive
21.75
Positive
Market Momentum
0.46
Negative
64.74
Neutral
79.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIVB, the sentiment is Positive. The current price of 24.56 is above the 20-day moving average (MA) of 23.21, above the 50-day MA of 23.18, and above the 200-day MA of 21.75, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 64.74 is Neutral, neither overbought nor oversold. The STOCH value of 79.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CIVB.
Civista Bancshares Risk Analysis
Civista Bancshares disclosed 27 risk factors in its most recent earnings report. Civista Bancshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Civista Bancshares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $421.25M | 9.63 | 10.03% | 1.41% | 9.76% | 4.43% | |
70 Outperform | $441.16M | -12.10 | 2.24% | 3.76% | 23.93% | ― | |
69 Neutral | $406.60M | 11.12 | 14.53% | 1.63% | 13.16% | 37.40% | |
69 Neutral | $500.60M | 11.94 | 11.07% | 3.03% | -0.65% | 14.14% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $475.48M | 9.33 | 9.73% | 2.96% | 3.49% | 33.86% | |
48 Neutral | $392.49M | 41.13 | 1.29% | ― | -15.07% | ― |
* Financial Sector Average
CIVB
Civista Bancshares
24.78
4.07
19.65%
BMRC
Bank Of Marin Bancorp
27.58
2.73
10.99%
GCBC
Greene County Bancorp
24.36
-1.54
-5.95%
BSRR
Sierra Bancorp
37.91
6.54
20.85%
FRBA
First Bank
17.01
1.87
12.35%
BRBS
Blue Ridge Bankshares
4.36
1.03
30.93%
Civista Bancshares Corporate Events
Dividends
Civista Bancshares Boosts Quarterly Dividend, Signals Confidence
Positive
Jan 28, 2026
On January 28, 2026, Civista Bancshares, Inc. announced that its board approved a quarterly common dividend of $0.18 per share, a one-cent, or 5.9%, increase from the prior quarter, to be paid on February 24, 2026, to shareholders of record as of February 10, 2026. The higher dividend amounts to an estimated $3.7 million payout and, based on Civista’s December 31, 2025 closing share price of $22.22, equates to an annualized yield of 3.24%, underscoring the regional lender’s ongoing capital return to shareholders and signaling confidence in its financial position within the community banking sector.
The most recent analyst rating on (CIVB) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Civista Bancshares stock, see the CIVB Stock Forecast page.
Financial Disclosures
Civista Bancshares Schedules Fourth-Quarter 2025 Earnings Release
Neutral
Dec 19, 2025
On December 19, 2025, Civista Bancshares, Inc. announced that it will release its fourth-quarter 2025 financial results before the market opens on January 29, 2026. The company will also host a conference call and webcast that same day at 1:00 p.m. Eastern Time to discuss the results, with a live stream and subsequent archive available on its website, underscoring its efforts to maintain transparency with analysts and investors regarding its financial performance.
The most recent analyst rating on (CIVB) stock is a Hold with a $25.00 price target. To see the full list of analyst forecasts on Civista Bancshares stock, see the CIVB Stock Forecast page.
Business Operations and StrategyM&A Transactions
Civista Bancshares Completes Merger with Farmers Savings Bank
Positive
Nov 7, 2025
On November 6, 2025, Civista Bancshares completed its merger with The Farmers Savings Bank, marking a strategic expansion into Medina and Lorain Counties in Northeast Ohio. This merger adds two branches and approximately $236 million in low-cost deposits to Civista’s portfolio, increasing its total assets to approximately $4.4 billion. The merger is expected to enhance Civista’s commercial lending capabilities and deepen its community banking relationships, while Farmers’ customers will benefit from expanded resources and services. The system conversion is planned for the first quarter of 2026, with continuous support for Farmers’ customers during the transition.
The most recent analyst rating on (CIVB) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on Civista Bancshares stock, see the CIVB Stock Forecast page.
Business Operations and Strategy
Civista Bancshares to Participate in November Conferences
Neutral
Nov 4, 2025
Civista Bancshares announced its participation in two financial services conferences in November 2025, where its leadership team will discuss banking trends and strategic growth initiatives. These engagements are part of Civista’s efforts to strengthen its industry positioning and engage with institutional investors and peers, potentially impacting its operations and market presence.
The most recent analyst rating on (CIVB) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Civista Bancshares stock, see the CIVB Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.